Crypto How Do you Understand KYC.

[Dowenship]

Did you really know what KYC (know your Customer) is? KYC is used to check require financial service providers to identify and verify their customers. This is done as part of the Anti-Money Laundering or Combating the Financing of Terrorism (AML/CFT) compliance efforts to combat financial crime and ensure customer due diligence.

The first thing you do when you opened an account with an exchange ( mostly done on exchange anyways) it’s likely you will have to complete a KYC check. KYC requires financial service providers to collect information verifying their customers’ identities, in most cases you will be asked to submit you government identity card, passports etc. Which are safe from intruders.

KYC checks can feel like an annoyance, but they provide a great deal of security. Most especially to your account and your funds. Its also being used to identify activities carried out on your account if involved in money laundering.

 

[btaliat]

If I download any wallet exchange and there is no know your customer section, I always trust those wallet less. This is because this know your customer section provides security for the users and prevents money laundering or any other illegal act that may be perpetuated on the exchange platforms.

 

[Dowenship]

If I download any wallet exchange and there is no know your customer section, I always trust those wallet less. This is because this know your customer section provides security for the users and prevents money laundering or any other illegal act that may be perpetuated on the exchange platforms.

If you download some wallet like trust wallet, you won't see know your customer on this wallet ooo, and that doesn't mean they aren't safe! The know your customer main purpose is too watch over your account and to know the activities carried out on your account!! That's all about knowing your customer.

 

[btaliat]

If you download some wallet like trust wallet, you won't see know your customer on this wallet ooo, and that doesn't mean they aren't safe! The know your customer main purpose is too watch over your account and to know the activities carried out on your account!! That's all about knowing your customer.

Thanks for this. I may not know that there know your customer is not to prevent money laundering and to protect me from theft. Although, I anon trust wallet but to be frank, I have forgotten all the process it took me to be there. I have always think wallets without know your customer is a scam

 

[Putta Vince]

I am very cautious while considering to complete the kyc verification process in any website like a crypto exchange or for airdrop purpose. One has to come into a conclusion whether the website is legit or not before sending out the personal information. According to my experience, some airdrops that require kyc are legit , I have earned hundreds of dollars from such big airdrops. You can also trust crypto exchange like Binance to give your personal information.

 

[Rishi Oraon]

KYC (know your customer) refers to the process of verification of the identity of the customers and clients either before or during the start of doing business with them. Banks, digital payment companies or any kind of financial institutions are now required by the RBI norms to have their customers KYC process completed before allowing them complete access to all services.
KYC is done as a precaution against illegal activities like money laundering, bribery or corruption.

 

[Dowenship]

I am very cautious while considering to complete the kyc verification process in any website like a crypto exchange or for airdrop purpose. One has to come into a conclusion whether the website is legit or not before sending out the personal information. According to my experience, some airdrops that require kyc are legit , I have earned hundreds of dollars from such big airdrops. You can also trust crypto exchange like Binance to give your personal information.

Wow if you don't mind can you give the details of this kind of airdrop where you have earned hundred of dollars, please don't think of me as a greedy person but we all know we are all doing this because of the money and how we can be elevated from this low level earrings. Would appreciate if you can share with me.

 

[Putta Vince]

Wow if you don't mind can you give the details of this kind of airdrop where you have earned hundred of dollars, please don't think of me as a greedy person but we all know we are all doing this because of the money and how we can be elevated from this low level earrings. Would appreciate if you can share with me.

Well , that airdrop was completed before 2 years to be honest. It was NR (Energi) airdrop , that was worth around $140 during the time of distribution. But I am sorry to say 2021 has not been the year so far for the airdrops , I have not found even a single one that has paid. But still , you can try your lucky by following airdrops from airdrop io website or airdropalert website.

 

[mbig3773]

I did not know. It surprises me anyway. This is personal information.

 

[Dowenship]

Well , that airdrop was completed before 2 years to be honest. It was NR (Energi) airdrop , that was worth around $140 during the time of distribution. But I am sorry to say 2021 has not been the year so far for the airdrops , I have not found even a single one that has paid. But still , you can try your lucky by following airdrops from airdrop io website or airdropalert website.

Thought I was the only one in this dilemma of a thing!!! All the airdrops have been involved in as not paid, even Sol test net I did some months ago hasn't given me anything tangible that i can point of benefiting from airdrops.

 

[Putta Vince]

Thought I was the only one in this dilemma of a thing!!! All the airdrops have been involved in as not paid, even Sol test net I did some months ago hasn't given me anything tangible that i can point of benefiting from airdrops.

SOL had issues exchanging and withdrawing in XRP from their trading platform. I have participated in that airdrop too but didn't gain anything because of their fees. Everyone nowadays is frustrated because it is so hard to find a legit airdrop other than the coinmarketcap ones , which is for the lucky ones only.

 

[Sotherefore]

The full meaning is know your customer and it is a process in which a cryptocurrency exchanges or wallet ask you for your identity before you are eligible to store, send and receive cryptocurrency with a particular exchanges or wallet. They are doing this to limit the high rate of scamming in the platform and that is the best option